All Forum Posts by: David Miller

Originally posted by @Kyle J.:

@David Miller I’m confused....you don’t own it yet, and are at least over a week away from owning it, but you want the keys to this currently rented property so you can go inside and start doing work?

Unless I misread something, I don’t see any problem with the current property manager NOT giving you the keys. They can’t allow someone else to start going in their tenant’s home. Even if you will possibly be the future owner at some point (you’re not yet).

Wait until you own it and it’s vacant and then do your painting. It’ll be easier anyway. 

Oh, sorry i will clarify. They won't give me the keys for closing. The owner does not have a set, the property manager has all the keys. They refuse to answer anyone's calls about giving me the keys when we close.

Update: Closing in a week for $81,000.  expect to cashflow $150/month with capex estimated at 15% and 5% vacancy

Hello,

I am closing on my first rental unit on July 1st.  This is an off market deal and we are using a real estate agent.  The unit is currently rented, but will be delivered vacant.  The issue I am having is that the current property manager is being impossible.  They are refusing to return the call of the current owner so that we can have the keys transfered to my property manager.  The current property manager is a well known firm and for now I am not disclosing their name.

Any advice on what to do? I obviously need to get into the unit, probably put a coat of paint on at the least, and get it rented as soon as possible.  

Two of the comps sold in the mid-high nineties, but the third comp was a 2 bedroom (mine is a 3) and sold for 70,000 which brought the whole thing down.

Hi all,

I am under contract for my first long term rental buy.  It is an off market as-is deal.  The purchase price is $81,000. Comps around the area are around 100,000-130,000. This house is in very good condition, but is not updated, so i would think I fall around the lower end of the spectrum. I got the appraisal for the sale, and wouldn't you know, it is exactly $81,000.  This seems extremely low, i think they did a "drive by" appraisal due to COVID-19, and it seems suspicious that the appraisal would come back to exactly the purchase price.

I was hoping to do some minor updating and refi ro take out a line of credit down the road to get my down payment/investment back.  I was expecting an appraisal closer to 100 or 110.  Should i be able to get a higher appraisal?

Hi all, first biggerpockets post and possibly first deal analysis.

I have been looking in the cleveland market for a while after visiting last summer. A friend of my father has a property that she is trying to sell. She is retiring and wants to move her money into syndication projects.

Anyhow, it's a 3 bed, 1 bath 972 sf single family with detached garage and basement. The house is in Parma, OH. It currently rents for 975 and there's a long term tenant (3 or 4 years) that wants to stay on. The house is in good condition and since the tenant is staying it would have zero upfront renovation costs. She mentioned wanting to pocket $65,000, but wants to talk to her real estate agent. I have a sheet that I've used to analyze, you can find it here:

https://docs.google.com/spreadsheets/d/14GRgZoUh9oOWddoT7jJ_qPUIxPd8SKjr_qRdLIpsQEY/edit?usp=drivesdk

I think the numbers are pretty good. Would appreciate any advice, thanks!